It’s been turning more and more heads, banks have been catching on, etfs are a thing here in Canada, there’s only going to be more of them. Companies and countries adding bitcoin to their balance sheets. We may be entering a recession, but for every recession is a boom. There’s a bitcoin halving early 2024…
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PRESS RELEASE. ESTONIA — 17 JUNE 2022 — Yield App, a global FinTech company and digital wealth platform which has attracted more than 80,000 customers since its launch in February 2021, is now taking on the mobile world with the launch of its iOS and Android app, as it continues on its mission to make […]
Billionaire Mike Novogratz has warned investors to not expect much of a recovery in bitcoin anytime soon. Novogratz who serves as the CEO of the digital asset merchant bank Galaxy Digital has always been a big proponent of Bitcoin and its advantages. However, he has recently shared his thoughts on the current market climate and what investors should be expecting in the coming days. Confidence Will Take A While The recent market crash has seriously impacted investor faith in the cryptocurrency market. As such, sell-offs across digital assets such as bitcoin have been rampant. Sentiment has also suffered greatly during this time and has led to low momentum in the market. This is not changing anytime soon. Related Reading | Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In? Speaking with Bloomberg, the Galaxy Digital CEO explained that it will take a while for bitcoin to recover to previous levels. He chalks this up to the confidence level of investors when it comes to putting money into crypto, which he says will take a while for that confidence to return. Bears take hold of BTC | Source: BTCUSD on TradingView.com Novogratz also speaks to the current economic climate. One thing that has rocked various financial markets has been the hiking of rates by the Fed, the most recent hike happening on Wednesday. He notes that the Fed would have to let up on hiking interest rates at some point and once it does, more money from global macro hedge funds will flow into the market. At this point, Novogratz admits that Galaxy Digital will add more bitcoin to its holdings. Bitcoin On The Charts The price of bitcoin continues to fluctuate heavily between the $20,000 and $21,000 levels. This shows that while there is mounting resistance at the $22,000 point, there is also good support building up in the low $20,000s. The short-term prognosis for the digital asset does not look good though. However, there are still some indicators that point to some recovery in the market. One of these is the cycle low before every bitcoin halving. Related Reading | Bitcoin Funding Rates Remain Negative But Open Interest Tells Another Story Usually, the bottom is reached at around 520 days, give or take a few weeks, before the next bitcoin halving. This has been the case for the last two halvings. If the digital asset follows this trend, then the bottom will be reached sometime in the last quarter of the year. Even though this points to some recovery in the short term, it also means that the current lows may not be the end of the decline if the bottom is expected to come in in Q4. Bitcoin is trading at $20,902 at the time of this writing. Featured image from Watcher Guru, chart from TradingView.com Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
“Digital assets, and their related mining activities, are essential to the economic future of the United States,” said the group of 14 lawmakers.
Crypto has dropped below the $1 trillion total market capitalization and has returned to its January 2021 levels. At that time, the sector was preparing for a massive bull run that would take its market cap above the $3 trillion. Related Reading | Anthony Scaramucci Reveals Buying Crypto During Crash, Suggests Staying Disciplined This time the sector seems to be threatening further losses and for a potential new leg down into its 2020 levels. At the time of writing, the total crypto market cap stands at $870 billion and continues to trend to the downside on the daily chart. Analyst Justin Bennett believes the sector will “imminently” take a leg lower. He expects the market to find support at $730 billion as it was unable to hold above the $860 billion mark. The current market conditions, the shift in the U.S. Federal Reserve (Fed) monetary policy, the relentless selling pressure, and the series of negative news in the space seem to support this thesis. Sharing the chart below, Bennett said: The next leg lower looks imminent. This is where we’re probably going. Another 15-25% to reach the TOTAL confluence of support and measured objective. Expect a 30% drop for most altcoins. As usual, Bitcoin holds the key for the entire crypto sector as most altcoins tend to follow BTC’s price action. Bennett claims the number one crypto by the market could see a similar 15%-25% drawdown if it breaks the $20,000 area. This would send BTC’s price to its next critical support zone at around $19,850 and for the first time in its history below its previous all-time high. On lower timeframes, data from Material Indicators (MI) records over $15 million in buying orders for BTC at $20,000. In the opposite direction, there are around $9 million in asks orders at around $20,900 which could operate as resistance in the short-term. Will Bitcoin Bounce With The Stock Market? The benchmark cryptocurrency has been moving in tandem with traditional equities, mainly the Nasdaq 100 Index and the S&P 500. According to Jurrien Timmer, Director of Macro for investment firm Fidelity, the S&P 500 has reached oversold levels. He said: The weekly stochastics for the SPX: It’s at oversold readings consistent with major bottoms. I don’t believe we’re there yet but we could be getting close. We’re only 1 P/E point away from fair value. Related Reading | TA: Bitcoin Remains In Downtrend, Risk of Drop Below $20K If equities find a bottom soon, as Timmer claims, Bitcoin and the crypto market could bounce and prevent Bennett’s scenario. The drawdown in traditional finances has created a capitulation event, as seen below, which could play in favor of digital assets. A quick take on technicals: signs of capitulation are starting to show. We can see it here…1/ pic.twitter.com/1SSYFCj8ir — Jurrien Timmer (@TimmerFidelity) June 17, 2022
During the last two months, the stablecoin tether has been one of the most traded crypto assets swapped against a myriad of digital currencies. 66 days ago on April 11, 2022, tether’s market valuation was over $82 billion with 82,694,361,442 tethers in circulation. Since then, more than 12 billion tethers have been removed from circulation […]
